开放式创新对企业金融化的影响机制研究  

Research on the Influence Mechanism of Open Innovation on Corporate Financialization

作　　者：陈丽娜[1] 马深隆 酒宴瑶 CHEN Lina;MA Shenlong;JIU Yanyao(School of Economics and Management,Southwest University of Science and Technology,Mianyang 621010,Sichuan,China)

机构地区：[1]西南科技大学经济管理学院,四川绵阳621010

出　　处：《西南科技大学学报(哲学社会科学版)》2025年第1期42-50,共9页Journal of Southwest University of Science and Technology:Philosophy and Social Science Edition

基　　金：四川省哲学社会科学基金项目:高质量发展视域下四川建设绿色发展先行区的研究(SC23STO03);四川信息管理与服务研究中心项目:低碳城市和创新型城市双试点政策对绿色全要素生产率的影响研究(23SD4137)。

摘　　要：本文以2012—2022年中国沪深A股上市公司为研究样本,检验了开放式创新与企业金融化之间的影响关系,并探讨了创新投入、创新绩效和创新风险在开放式创新与企业金融化之间发挥的机制作用。研究结果表明:(1)开放式创新能够显著抑制企业金融化;(2)机制检验发现,开放式创新通过加大创新投入,提高创新绩效,增加创新风险,有效抑制了企业金融化;(3)依托开放式创新抑制企业金融化时,国有企业比民营企业效果更加明显;(4)代理问题削弱了开放式创新对企业金融化的抑制作用。The article takes Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2012 to 2022 as research samples,examines the influence relationship between open innovation and corporate financialization,and explores the mechanism role of innovation input,innovation performance,and innovation risk.The research findings show that:(1)Open innova-tion can significantly curb corporate financialization;(2)Mechanism tests show that open innovation effectively curbs corporate fi-nancialization by increasing innovation input,improving innovation performance and increasing innovation risk;(3)When it comes to curbing corporate financialization through open innovation,state-owned enterprises are more effective than private enterprises;(4)Agency problems weaken the curbing effect of open innovation on corporate financialization.

关 键 词：开放式创新 创新投入 创新绩效 创新风险 企业金融化 

分 类 号：F27[经济管理—企业管理] F830[经济管理—国民经济] F275